Ann: Manganese Potential at Wilcherry Hill South , page-6

re: Ann: TRF: Manganese Potential at Wilcherr... The other IO producers may be being hammered, but there market caps are still in the 100s Millions rather than IFE 10m.

IFE becoming a producer will cause a re-rating, but perhaps not by as much as it previously would.

Essentially all comes down to economics, and until IFE is getting and generating a known income, its hard to tell.

IO pricing is constantly fluctuating, and there are many guesses on pricing and ranges.

Overall think that's why it was essential that IFE looked to reduce costs.

What is happening with the approvals though? I thought we were fast tracked!

So TRF owns the manganese, but it makes financial sense to mine and combine with IFE. IFE success is TRF success, so sure there would be a reasonable deal to be had.

Its interesting though - TRF went looking for gold, and found Iron, spun out IFE. Now IFE is looking for more hematite and has found tin and manganese.